Provectus (PVCT) swaps $542,500 director fees for Series D-1 preferred
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Provectus Biopharmaceuticals, Inc. is converting accrued but unpaid directors’ fees into equity. The Board approved turning $542,500.00 of fees owed through June 30, 2026 into shares of the company’s Series D-1 Preferred Stock at $2.862 per share.
This will result in 189,554 shares of Series D-1 Preferred Stock, which are convertible into 1,895,540 shares of common stock. The preferred shares are being issued to satisfy outstanding cash fees and are not a separate award under the 2024 Equity Compensation Plan.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Accrued director fees converted: $542,500.00
Preferred share conversion price: $2.862 per share
Series D-1 Preferred shares issued: 189,554 shares
+2 more
5 metrics
Accrued director fees converted
$542,500.00
Total Accrued Fees through June 30, 2026
Preferred share conversion price
$2.862 per share
Price for Series D-1 Preferred Stock issued for fees
Series D-1 Preferred shares issued
189,554 shares
Shares issued to settle Accrued Fees
Common shares on conversion
1,895,540 shares
Common Stock obtainable from issued Preferred Stock
Form type
Form 8-K
Current report describing director fee conversion
Key Terms
Series D-1 Preferred Stock, Accrued Fees, 2024 Equity Compensation Plan, Emerging growth company
4 terms
Series D-1 Preferred Stock financial
"conversion of accrued but unpaid directors’ fees ... into the Company’s Series D-1 Preferred Stock"
Accrued Fees financial
"accrued but unpaid directors’ fees of current Board members owed through June 30, 2026 (“Accrued Fees”)"
2024 Equity Compensation Plan financial
"is not being issued as a separate award under the Company’s 2024 Equity Compensation Plan"
Emerging growth company regulatory
"Emerging growth company On May 14, 2026, the Board of Directors"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
FAQ
What did Provectus Biopharmaceuticals (PVCT) announce about director fees?
Provectus Biopharmaceuticals approved converting accrued but unpaid directors’ fees into Series D-1 Preferred Stock. Fees owed through June 30, 2026 total $542,500.00 and will be settled in equity instead of cash, aligning director compensation more closely with the company’s stock.
Does the Provectus director fee conversion use the 2024 Equity Compensation Plan?
The Series D-1 Preferred Stock issued for accrued directors’ fees is not a separate award under Provectus’ 2024 Equity Compensation Plan. It is specifically being used to satisfy outstanding cash fees already owed to current Board members.